Battery and flashlights maker Eveready Industries India Ltd on Friday reported a decline of 52.54 per cent in its consolidated net profit at Rs 14.73 crore for the second quarter ended September 2022.
The company had posted a net profit of Rs 31.04 crore in the July-September period a year ago, it said in a regulatory filing.
Its revenue from operations was up 5.1 per cent to Rs 375.75 crore during the quarter under review as against Rs 357.49 crore last year.
“Profit After Tax for Q2 was impacted adversely by a non-cash charge of unamortised front-end fees of a loan repaid during the quarter and an adjustment to deferred taxes. This will even out for the full year,” the company said in its earning statement.
The top line registered growth despite muted demand in the midst of high inflationary conditions – due to better realisation and product mix, it added.
Eveready Industries, in which now the Burman family is promoter entity, reported total expenses of Rs 355.33 crore in the second quarter of FY 2022-23, up 10.98 per cent from Rs 320.16 crore earlier.
Managing Director Suvamoy Saha said: “The performance was satisfactory despite sluggish demand in the wake of high inflation and a delayed/deficit monsoon.” Shares of Eveready Industries India Ltd on Friday fell 1.72 per cent to settled at Rs 294.15 apiece on the BSE.